Deutsche Bank and Standard Chartered completed their first stablecoin transfer and swap

Here’s a nutshell:

Deutsche Bank and SC Ventures successfully executed the first UDPN proof of concept, facilitating real-time transfers and exchanges between stablecoins.

Leveraging synergies between UDPN infrastructure, these financial institutions demonstrate solutions to technology interoperability challenges.

The program explores various dimensions of digital assets, CBDCs, and key custody, paving the way for a digital and regulated financial future.

Deutsche Bank and Standard Chartered Bank are a sign of financial evolution. In fact, these international financial institutions performed the first Universal Digital Payment Network (UDPN) proof-of-concept (PoC).

This major test requires real-time on-chain transfers and exchanges between USDC and EURS stablecoins on UDPN infrastructure.

First interbank stablecoin transfer and swap

At the heart of this PoC, SC Ventures leverages the UDPN SDK and APIs to build a decentralized identity and linked digital currency wallet. After successful onboarding, SC Ventures performed multiple transfers and swaps of synthetic USDC and EURS to Deutsche Bank’s digital currency wallet.

These transactions are signed using SC Ventures’ private key, completed in real time, and their trail is visible on the public EtherScan.

Instead, Deutsche Bank reciprocates by initiating multiple transfers and swaps to SC Ventures’ digital currency account. It features a user-friendly graphical interface integrated into its proprietary UDPN environment. Synergy between these financial giants relies on UDPN business nodes connecting to UDPN-licensed DLT consensus networks.

The payment message goes through two transaction nodes, each supporting USDC and EURS transactions, respectively. It then outlines how UDPN can shorten cross-border transactions from days to minutes. This also provides a solution to interoperability challenges between different technologies within the cryptocurrency industry.

The work is the forerunner of a series of 12 PoCs designed to solve the mystery of interoperability for cross-border payments. Throughout the PoC phase, extensive review and documentation of knowledge of central bank digital currencies (CBDCs), digital assets, key custody, and compliance, among others.

“We are excited to participate in the first industry pilot on the UDPN platform. This move brings the entire industry together to look for opportunities to unlock the economic value of emerging digital currencies. Money in tokenized form will inevitably be part of the new financial landscape,” said Thorsten Neumann, chief technology officer at SC Ventures.

Rafael Otero, chief technology officer at Deutsche Bank, said the successful PoC revealed the potential of stablecoins and CBDCs. It ushered in a new era of financial transactions, a step towards a digital and regulated monetary future